A SWITCHING GUIDE. for non-personal current accounts including SME (Small & Medium Enterprise)

Transcription

1 A SWITCHING GUIDE for non-personal current accounts including SME (Small & Medium Enterprise)

2 Contents 1. The Current Account a. Key features b. Convenience c. Accessibility d. Support 2. Opening an account a. Application form b. Supporting documents 3. Switching from another bank a. What you must do b. What we will do c. Switch options 4. Checklists a. To open an account b. To switch from another bank c. To apply for an overdraft

3 The Current Account for Non-Personal Customers Current Account facilities are offered by permanent tsb to personal and nonpersonal customers. A non-personal customer includes businesses, sole traders, limited companies, partnerships, clubs, charities and trusts etc. This guide focuses on the Current Account product offered by permanent tsb to non-personal customers. a) Key Features Chequebook Electronic Funds Transfer Overdraft (on application) Quick Bank Service Machines Business 24 Internet Access Business 24 Telephone Access Dedicated Support b) Convenience We offer Quick Bank Service Machines to reduce your queueing time. These machines can be used for some transactions that you might usually do at the cash desk, including: Lodging cash Lodging cheques c) Accessibility We offer access to your Current Account online or over the telephone, allowing you to check your balance, pay bills and make transfers to many locations around the world, any time, day or night. d) Support We offer a dedicated helpline for account opening and switching, to address any issues, concerns or questions you may have. The Open24 Sales team can be contacted on Terms, conditions, fees and charges apply (see enclosed Terms & Conditions and Personal & Business banking charges). Credit interest is not available on Current Accounts for Non-Personal Customers. Overdraft applications are subject to lending criteria. Variable interest rates apply and are subject to change. 2 3

4 Setting up an Account a) Arrange an appointment Your Current Account can be opened at any branch of permanent tsb but we recommend that you select the branch closest to your address, especially if you are a business enterprise, as this will allow you to benefit from our local knowledge. The process is simple and straightforward. The first step is to make an appointment in your local branch and provide the supporting documents listed below. If you wish to apply for an Overdraft facility on a Current Account, you must complete a Non Personal Overdraft / Term Loan Application Form (or an SME Business Lending Application Form for SME customers). You will need to provide bank statements covering the last 6 months on your existing current account, financial statements for the business covering the last 3 years and confirmation from your accountant that your tax affairs are in order (i.e. fully paid up to date with no outstanding arrangements for previous arrears). b) Supporting Documents Proof of Identification All signatories on the account, at least 2 Directors and all the beneficial owners of a business, if different from the signatories, must provide proof of identification. This can be done by means of a current valid passport, a driving licence (issued in Ireland, the UK or Europe) or an EU national identity card. The document used to prove identity must include a photograph of the individual in question. We will photocopy the original document for our records. To open a new Current Account if you are a Non-Personal Customer, you must arrange an appointment in your local branch of permanent tsb. You can arrange an appointment by calling our dedicated line on Our advisers will be happy to answer any questions you may have. Proof of Address All signatories on the account, at least 2 directors and all beneficial owners of a business, if different from the signatories, must provide proof of address by means of a bank statement, utility bill or certificate of insurance (house, health or motor) issued in the last twelve months. We will also accept a notification of tax credits issued by the Revenue for the current year. At least one of the documents used to prove the addresses must have the same name and address as requested for the new account. Other Supporting Documents The following table includes the standard documents required by the bank when opening a Current Account for the most common types of non-personal customers, i.e. a sole trader, partnership or limited company. The documents required for other types of non-personal customer, such as clubs and societies, can be obtained from your local branch. 4 5

5 STANDARD DOCUMENTS REQUIRED SOLE TRADER PARTNERSHIP LTD CO. Proof of identity and Address for all signatories* Proof of identity and address for all Internet Users* Certificate of Registration of Business Name* (if trading under a different name to the account name) Bank Mandate (available from your local branch) Partnership Agreement** Certificate of Incorporation* Memorandum and Articles of Association* A list on company headed paper of all directors, including occupation, address and date of birth, signed by the Company Secretary, a company director or an accountant/ solicitor acting for the company. Proof of identity and address must be provided for at least two company directors A list on company headed paper of all shareholders with 25% or more of the issued share capital, signed by the Company Secretary or accountant/solicitor acting for the company. Proof of identity and address must be provided for each such shareholder*** * A certified copy will be retained by the bank. ** If there are no shares in the Business a letter from the Partnership on headed paper signed by at least one Partner confirming who the Senior Partners are, Or if there are shares in the Business a letter from the Partnership on headed paper signed by at least one Partner confirming the names of all Partners who own 25% or more of the Shares/Voting Rights/profits in the Business. *** Any change in shareholdings must be immediately notified to the bank. Where a shareholder, with 25% or more of the share capital is not an individual, confirmation of the ultimate beneficial owner will be required. 6 7

6 Switching from another bank a) What you must do Switching is a simple and straightforward process. If you are a non-personal customer and want to switch from an existing current account with another bank to a Current Account with permanent tsb, you must complete the enclosed Account Switching Form for Non-Personal Customers and provide 3 months statements from your existing current account. We will use these statements to help you pick a suitable Switch Start Date. You must: Arrange an appointment with your local branch to open your new account Gather the required supporting documentation Complete the Account Switching Form for Non-Personal Customers Choose one of the authorised signatories on the account to act as the preferred contact for the switching process. b) What we will do At the meeting in your local branch, we will review the documentation you provide and open your account. We will help you select a date to commence the switching process, usually a date when you expect there will be low account activity, in order to avoid any unnecessary disruption. After the meeting, our Switch Centre will contact you to advise and help you during the switching process. Your old bank will complete their part of the switching process within 7 working days of the Switch Start Date. We will: Help you select a Switch Start Date Let your old bank know you are switching Call you before your Switch Start Date to make sure you are ready Ensure that your Current Account is up and running within 10 working days Call you after the Switch Start Date to make sure everything has gone smoothly. Switching Out If you become unhappy at permanent tsb and wish to switch to another bank, we would be sorry to see you go but we will facilitate the switching process for you. c) Switching options When you decide to switch your account, you have the option of A) closing your old account or B) keeping it open. You must select an option when you are filling out the Account Switching Form for Non-Personal Customers. 8 9

7 Whichever option you select We will let your old bank know that you are switching and we will set up active Standing Orders on your new account Your old bank will inform your SEPA and non-sepa Direct Debit originators of your new account details You should amend your payroll instructions for any changes that need to be made If you are a Direct Debit Originator, you should change your sponsoring bank You should amend any business documentation that includes your old Bank Identification Code (BIC) or International Bank Account Number (IBAN) If you hold any direct debits with companies outside the state you will need to contact these companies to give them your new account details Your old bank (on request and free of charge) will issue a statement on your old account covering the 12 months before the switching date. If you select Option A (to close your old account) You should keep enough funds in your old account to meet any fees or charges due You should refrain from using any cards or cheques on your old account once your switch has commenced You should return any unused cheques to your old bank and get a refund on stamp duty You should return any old cards on your old account to your old bank You should notify any payers who you now wish to make payments to your new account Your old bank will transfer any credit balance in your old account to your new account. Your old bank will issue a closing statement on your old account Your old bank will apply any interest, fees or charges due on your old account prior to closing the account Your old bank will forward any outstanding debit card or ATM transactions to your new bank where possible Your old bank will not pay any cheques drawn on your old account after the switch. If you select Option B (to keep your old account open) You should notify any payers who you now wish to make payments to your new account Checklist If you want to open a Current Account Review our Terms of Business Make an appointment at your local Branch Provide Proof of Identification and Address Provide Other Required Documents Complete Credit Transfer Request Form (where required) If you want to switch from another bank Complete the Account Switching Form for Non-Personal Customers Provide Bank Account Statements for last three months If you want to apply for an overdraft Complete the Non Personal Overdraft / Term Loan Application Form or SME Business Lending Application Form Provide Bank Account Statements for the last six months Provide Financial Accounts for last three years Provide confirmation that tax affairs are in order (fully paid up-to-date) 10 11

8 NOTES NOTES

9 Call our Switch Centre on Information is correct as at 23rd January 2015 but is subject to change. permanent tsb plc is regulated by the Central Bank of Ireland. BMK3097